Not joint but beneficiary..............

[magyar123]

Have a question regarding bank accounts. Both my wife and myself had bank accounts before we got marries. Neither of us made each other joint on our accounts, my name only is on my account and her name only on her account.
But we made each other "beneficiaries" of the accounts in case one of us dies first, meaning that I can sign my name on her checks, or the other way around.
We live in California, a community propert state. Does this make any difference in the accounts NOT being joint, but only "beneficiary" wise should it ever come to collector goons wanting to rob us blind?

[lrprn]

Both my wife and myself had bank accounts before we got marries. Neither of us made each other joint on our accounts, my name only is on my account and her name only on her account. ... We live in California, a community propert state. Does this make any difference in the accounts NOT being joint, but only "beneficiary" wise should it ever come to collector goons wanting to rob us blind?

Any money in either account that was added AFTER you were married is considered community property. Half of that after-marriage money belongs to each one of you.

If both of you file, it won't matter. However, if just one of you files, then as I understand it, half of the amount in the other's account placed there after your marriage could be at risk.

Ask your bankruptcy lawyer or put this on your question list for your lawyer interviews.